Overview
- Datavault disclosed Oct. 26 that a June request to withdraw Bitcoin from a Biconomy account remained uncompleted, triggering the disclosure and follow-up reviews.
- The company concluded the Bitcoin credited through a Sept. 2025 deal with Scilex should have been recorded as a subscription receivable rather than a company crypto asset, and it will restate Q3 2025, full-year 2025, Q1 2026 and Q2 2026.
- Preliminary accounting corrections are expected to cut reported total assets by material amounts including $92.2 million at Dec. 31, 2025 and $49.0 million at June 30, 2026, and will reverse prior crypto gains and losses.
- Datavault says Scilex credited 1,309.04 BTC to its Biconomy account, Datavault sold about 491.431 BTC back to Scilex, and roughly 817.61 BTC remain on the exchange and currently inaccessible.
- Shares tumbled about half their value on heavy volume as management and auditors reassess going-concern, collection from Scilex is uncertain, and the company has not set a timeline for corrected filings or for resolving the Biconomy withdrawal.